RGC RESOURCES INC (RGCO): debt financing — RGC Midstream amends credit facility to $25M, extends maturity; pauses principal payments on $8M note

On March 6, 2024, RGC Midstream, LLC (“Midstream”), a wholly owned subsidiary of RGC Resources, Inc. (“Resources”), entered into the Sixth Amendment to Credit Agreement (the "Amendment") with Atlantic Union Bank (the "Bank"). As part of the Amendment, Truist Bank, a Lender under the original Credit Agreement and prior amendments, assigned their outstanding portion to the Bank. Additionally, the Amendment modifies the original Credit Agreement and prior amendments between Midstream and the Bank by increasing the availability from $23 million to $25 million and extending the maturity date to December 31, 2025. The interest rate currently remains unchanged at Term SOFR plus 2.00%, however, the Amendment allows for a reduction in the interest rate to Term SOFR plus 1.75% upon operation of the Mountain Valley Pipeline ("MVP") and a further reduction to Term SOFR plus 1.55% once distributions from MVP have commenced.

Also, on March 6, 2024, Midstream entered into a Note Modification Agreement (the "Agreement") with the Bank related to the unsecured Promissory Note (the "Note") with an original principal amount of $8,000,000 dated November 1, 2021, as amended.

On March 6, 2024, RGC Midstream, LLC (“Midstream”), a wholly owned subsidiary of RGC Resources, Inc. (“Resources”), entered into the Sixth Amendment to Credit Agreement (the "Amendment") with Atlantic Union Bank (the "Bank").